Manyi buys ANN7 and the New Age
A company owned by former government spokesperson Mzwanele Manyi has bought ANN7 and the New Age for R450million.
Oakbay has confirmed in the statement that Lodidox Management bought ANN7 for R300 million while the New Age was purchased by R150million.
The Gupta-owned Oakbay says in a statement that the sale is part of its commitment to preserve jobs and provide certainty to over 7500 employees.
Manyi says he is elated at the purchase.
He says the Industrial Development Corporation (IDC) gave him the runaround before he eventually turned to vendor financing.
"Initially I had a business deal I tried to do with the IDC even with my own contribution. I got such a runaround and they told me they needed various financials. It took me 18 months until I abandoned the deal because I couldn't get funding from the IDC.
"With these guys I negotiated with vendor financing and they agreed to it and I am very happy," says Manyi.
The agreement is expected to be concluded over the next few weeks.